Cybersecurity experts often say it’s hard to quantify all of the financial hits a company takes in the wake of a bad security incident. A new report and survey from the Center for Strategic and International Studies attempts just that, paying attention in particular to the hidden costs that don’t always show up on in the annual budget.
In 2018, the organization estimated that cybercrime was siphoning more than $600 billion from the global economy; two years later that number is inching towards $1 trillion in total losses. While some of that can be attributed to better reporting around cybersecurity incidents, it also comes at a time when the volume of e-crime and ransomware attacks have exploded across industry, government and school systems.
One of the most puzzling findings from the survey is that more than half of organizations reported not having plans in place to both prevent and respond to a cyber incident.
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